Yahoo Finance Chennai Super Kings on course to become India’s first sports unicorn
Chennai Super Kings (CSK) could become the country’s first sports unicorn after its superlative performance in the recently concluded IPL, CSK could surpass its parent company India Cements in market capitalization, the Business Standard has reported. CSK won their fourth title of the Indian Premier League (IPL) on 15th October in Dubai and as a result, the franchise is on course to becoming India’s first sports unicorn.
Chennai Super Kings is the only sports team in India to have its shares exchanging hands in the grey market. On Monday, CSK’s shares were trading at Rs 135 each, with its m-cap at Rs 4,200 crore after Friday’s win as compared to Rs 2,465 crore in April 2021, the report added.
Its parent company India Cement’s stocks were trading at Rs 214.40 per share on the BSE with an m-cap of around Rs 6,644.20 crore. An expert told the publication that should the two new franchises joining the IPL next year be valued at Rs 4,000 to Rs 5,000 crore. CSK’s shares could touch Rs 200 apiece on the unofficial market.
N Srinivasan, the Managing director of India Cements told Business Standard that CSK’s m-cap would soon go past that of India Cements. The reason for this is the success of the team and encouragement to other sports leagues in the country. In a recent interview, Srinivasan had said: “Brand CSK will outgrow Brand India Cements. If you look at the history of franchise-based leagues in the US, it will outgrow everything. Passion for cricket is so much in India. The road between countries will see franchise-based leagues getting the precedence as we go along.”
MS Dhoni to play farewell match at Chepauk
“CSK is transforming into a strong brand. There is a market for it, but no one wants to buy it. Because India Cements is the sponsor, CSK is also assisting the company with its branding,” said Suhel Seth, founder, and managing partner of Counselage India.
“CSK has demonstrated what all good brands should be about: Consistency, tenacity, and affection. Consistency in terms of performance, tenacity in taking on industrialist-owned clubs. And affection as the team expanded outside Chennai and became a national favorite. As a brand spokesperson, Dhoni has always had a quiet but deadly sense,” the report quoted Seth as saying.
Srinivasan gives the credit of the team’s success to captain MS Dhoni, who is also India Cements’ Vice-President. He said, “Despite its 75-year history, I believe India Cements is today better known for CSK. India Cements is a great brand. But CSK outperformed it in a flash, and we can credit only one person for that: our captain MS Dhoni.”
This article Chennai Super Kings on course to become India’s first sports unicorn appeared first on BreezyScroll.
Read more on BreezyScroll.
